USS Uniserve Communications Corporation

Uniserve Communications Corporation (“Uniserve”) (TSX.V: USS) a provider of IT solutions and services to business and residential customers in Canada wishes to announce its first quarter fiscal 2021 financial results. Revenues for Q1 FY2021 were $1,885K as compared to $2,587K in Q1 of the prior fiscal year. The first quarter fiscal 2021 Operating loss was $228K compared to an operating loss of $468K for Q1 in the prior fiscal year. Net loss for the first quarter of fiscal 2021 was $260K as compared to a net loss of $395K for Q1 in the prior fiscal year. During the first quarter of FY2021, Uniserve continued to adapt its operations and workforce for the changing economic conditions created by the Covid-19 pandemic. The Company has repositioned for the new economic and work environment and has maintained flexibility to adapt to changing economic conditions. The Company’s focus in fiscal 2021 will be on growth of recurring revenue streams and lean operations.

Uniserve Communications Corporation
Consolidated Statements of Comprehensive Loss
(Expressed in Canadian dollars)
	Three months ended
	August 31, 2020			August 31, 2019
Revenue	$	1,885,476		$	2,587,398
Cost of revenues		1,137,724			1,561,804
		747,752			1,025,594
Expenses
Operations and service delivery expenses		745,935			968,150
Sales and marketing		104,349			286,275
Amortization of property and equipment		105,427			177,038
Amortization of intangible assets		20,081			61,966
		975,792			1,493,428
Operating Loss		(228,040	)		(467,834	)
Other Expenses (Income)
Finance charges		59,489			74,784
Gain on foreign exchange		(27,104	)		(13,402	)
Gain on settlements and reversals of debts		-			(133,914	)
		32,385			(72,532	)
Net and Comprehensive Loss for the Period	$	(260,425	)	$	(395,302	)

About Uniserve

Uniserve Communications Corporation is a 2018 TSX Venture top 50 performance company.Uniserve is a unified communications company which has been in business for 30 years, combining voice, data and media services all into one seamless solution, one bill and one point of contact.

Uniserve prides itself on world class customer service based in Canada. When all else is equal, clients can trust Uniserve to have a great price, a great experience and to be a company that customers enjoy working with – we call it “ONE click, call, connect”.

This news release was prepared on behalf of the Board of Directors, which accepts full responsibility for its contents.

Learn more at www.uniserve.com or at www.sedar.com.

Walter Schultz Chairman of the Board

For more information please call 604-395-3961 or email corporate.relations@uniserveteam.com.

Neither TSX Venture Exchange nor its Regulations Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Management has prepared this release and no regulatory authority has approved or disapproved the information contained herein. The statements contained in this news release that are not historical facts are forward looking statements. Such statements are based on management’s estimates, assumptions and projections using available information. Uniserve cautions that actual financial results could differ materially from the current expectations due to a number of factors.